Russian Government Seeks Cryptocurrency Researchers, Will Pay 2.5 Million Rubles

The Russian State Duma is holding a tender for a detailed study on the subject of cryptocurrency, blockchain technology, and initial coin offerings (ICOs). The government will pay the winner 2.5 million rubles out of the federal budget. The deadline for submissions is October 10.

Calling Crypto Researchers

According to the Russian government’s public procurement website, the State Duma is holding a tender for the implementation of an expert-analytical study on financial technologies, including the cryptocurrency market, ICOs, and blockchain technology, local publications reported on Friday.

The deadline for applications is October 10. Each submission will be reviewed and evaluated on October 17. The contract’s winner will receive an initial maximum payment of 2,498,800 roubles, worth approximately $43,400 USD. The source of the financing is listed as the Russian federal budget.

Business Online elaborated:

The winner of the contest will have to conduct a market analysis of cryptocurrencies…and analyze the possibility of using ICOs as an alternative channel for attracting investments.

What the Research Should Entail

The official terms of reference for this project state that the winner should “conduct a meaningful analysis of the latest financial technologies,” which includes blockchain technology, cryptocurrency, and ICOs. It specifies that the report should “explore the prerequisites for their appearance, assess their prospects for the Russian financial market, as well as the possibility of further integration of the Russian and global financial markets under different approaches to the regulatory application of modern financial technologies.” In addition, any potential threats and risks that could “lead to negative consequences for the economy” should be identified.

The study should also include an analysis of how ICOs can be used as “a sustainable alternative channel for mobilizing investment resources in the market of alternative investments and develop approaches to the formation of a regulatory framework for their specific regulation.”

Finally, the tender requires the winner to “develop proposals for countering threats and risks with instruments of state regulation.”

Basis for Legislation

Another part of the terms of reference describes the purpose of the project:

The results of the work should be used by the State Duma of the Russian Federation to form a package of legislative initiatives to integrate the most promising financial technologies in the Russian financial market and to legislatively ensure their development and regulation.

Currently, both the central bank and the finance ministry are drafting legal frameworks for cryptocurrency. News.Bitcoin.com recently reported on the finance ministry drafting a bill to legalize cryptocurrencies such as bitcoin, which is expected by the end of the year. However, the central bank has spoken against the legalization of cryptocurrencies, stating that “we will not allow the use of cryptocurrency as a money substitute.”

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